BMI released consolidated results for 2020 with gross written premium of VND4.6tn (USD200mn; +6.2% YoY) and NPAT-MI of VND193bn (USD8.4mn; +6.2% YoY), achieving 100.2% and 98.2% of our FY2020 forecasts, respectively. The slight increase in the bottom line was mainly due to (1) a 6.8% YoY increase in net earned premium, (2) 2.6% YoY decrease in claims and reserves expenses and (3) 51.7% YoY increase in net financial income that was partly offset by a 16.4% YoY increase in underwriting expenses.